Crypto investment products see largest weekly inflow since July 2022

cointelegraph.com:

A recent surge in activity surrounding exchange-traded funds has led to the largest weekly inflow for digital asset investment products since July 2022, according to a June 26 report via CoinShares.

Totalling $199 million, inflows for the week of 19–23 June turned around a nine-week string of consecutive outflows, with Bitcoin (BTC) representing the lion’s share at $187 million (94% of overall inflows).

This week in Fund Flows, by @jbutterfill:A sharp shift to bullishness among investors, injecting US$199m in digital asset investment products.This marks the largest single weekly inflow since July ’22, correcting almost half of 9 consecutive weeks of outflows. (1/5) pic.twitter.com/TvZ0EM2KLU

CoinShares analysts attributed the reversal to increasing activity from exchange-traded product (ETP) issuers in the exchange-traded fund (ETF) space:

As Cointelegraph reported on June 23, Bitcoin reached a 2023 high of $31,431 last week — movement that was largely attributed to institutional interest in ETFs, with both BlackRock and Fidelity Investments filing for spot Bitcoin ETFs in June.

While the uptick in Bitcoin inflows managed to have a small knock-on effect for Ether (ETH) — inflows increased to $7.8 million — there was no sign of follow-through for altcoins, which saw little to no positive movement outside of trickling inflows for XRP and Solana (SOL) in the amounts of $240,000 and $170,000 respectively.

Related: Binance reverses decision to delist privacy coins in Europe

Bitcoin futures fund BITO — the ProShares Bitcoin Strategy ETF — also made waves last week with its largest weekly inflow in a year, a $65.3 million haul bringing its assets up to $1 billion.

These rallies come after Bitcoin dropped below $25,000 in